FLIR Systems positioned well for 10% growth plans after ‘pleasing’ first quarter

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FLIR Systems says it is in a good position to achieve its goal of 8-10% of growth at the end of 2019 following results from the first quarter.

Revenue in the months to March 31 was $444.7m (£341.5m), 1.2% higher than the first quarter in 2018 which was at $439.6m (£337.6m).

Organic revenue growth was 0.9%, which excludes revenue from the acquisitions of Endeavour Robotics and Aeryon Labs.

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The firm also showed positive growth in GAAP gross profit in the first quarter 2019, up to $233.7m (£179.5m) compared to $217.9m (£167.3m) in the first quarter 2018.

Commenting on the results, FLIR president and CEO, Jim Cannon said: “Overall, we are pleased with our start to 2019. In the quarter, improvements in our product mix and continued commitment to the FLIR Method productivity initiatives drove meaningful margin expansion year over year, resulting in double-digit earnings growth.”

“With another quarter of robust bookings, combined with significant opportunities across the portfolio, including our two recent unmanned acquisitions, FLIR is well-positioned for strong performance through 2019 and beyond.”

Looking ahead to the rest of the year, FLIR Systems detailed in the financial results release that it continues to expect revenue in 2019 to be in the range of $1.92bn (£1.47bn) to $1.95bn (£1.5bn), representing 8% to 10% revenue growth compared to 2018.

This would include approximately 5% organic revenue growth, in-line with the strategic plan presented in May 2018.

Tags : businessFinancial ReportFinancialsFLIR Systems
Alex Douglas

The author Alex Douglas

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